Question: Based on the following data, estimate the cost of ending merchandise inventory: Sales (net) $4,800,000 Estimated gross profit rate 40% Beginning merchandise inventory $ 250,000

Based on the following data, estimate the cost of ending merchandise inventory:

Sales (net) $4,800,000
Estimated gross profit rate 40%
Beginning merchandise inventory $ 250,000
Purchases (net) 2,900,000
Merchandise available for sale $3,150,000

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